1、January-December2011 ResultsSound performance with key BP2011-2013 milestones reachedFebruary 23rd 2012/Madrid(Spain)Table of contents1.Period highlights2.January December 2011 Results and KPIs23.Outlook&Risks4.ConclusionsPeriod highlightsSound performance and Business Plan 2011-13 progress Sound pr
2、ofitability,fully aligned with market guidance,in a highly competitive marketGroup sales and EBIT up 10%YOY,to EUR3,033 MM and 131MM EUR eachWTG EBIT margin of 4%and 2,802 MWe sold in 2011,up 16%YOYWind farm EBIT of EUR26 MM and 417MW in sales agreements signed3 Order book of 1,600 MW(1)at December
3、2011,up 13%YOY Group NFD of EUR710MM,2.0 x group EBITDA,to accommodate investment plan,salesinternationalization,manufacturing expansion and progress in wind farm activity Key milestones in CoE(2)optimization,growth and efficiency(BP 2011-13)reachedduring the year(1)Firm and irrevocable orders and c
4、onfirmation of framework agreements received for 2012-2013 delivery(2)Cost of EnergyPeriod highlightsProfitable growth in highly competitive marketsWTG profitability in line with the company guidance range of 4%to 5%despite operating in an increasingly competitive environment12.9%11.9%12.0%3,0332,76
5、42,4052,80211.8%10%growth in groupsales and EBIT Downward trend in WTGmargin due to:4.9%44.3%4.3%3,0334.0%2,802Geographic sales mix(inc.pricing pressurein China)Ramp up of newproduct platforms2,7642,405Group EBITDA margin2010Group EBIT margin2011WTG EBITDA margin2010WTG EBIT margin2011Group sales EU
6、R MMMWe soldPeriod highlightsStrong sales activity in the wind farm divisionPositive trend in the profitability of the wind farm division driven by therecovery of the construction and sales activity,with 417MW signed in 201120102011175640Q1 10Q2 10-4-6Q3 10Q4 10Q1 11Q2 1137Q3 11Q4 11EBIT EURMMPeriod
7、 highlights13%increase in YE order book13%increase in YE order book(1)at December driven by Latin America,with32%of the total order volume,and North Africa with 13%Order backlog December(MW)13%1,60061,4142010(1)Firm orders and confirmation of frame agreements for 2012-2013 delivery2011Period highlig
8、htsNFD increase to fund foundations of BP 2011-2013Group NFD to EBITDA of 2.0 x in line with guidanceEUR810MMEUR710MMEUR607MM2.3x2.0 x1.7x0.9x Q4 2011 cash inflow on wind farm andWTG deliveries FY 2011 net debt increase toaccommodate:7EUR313MM5%contribution to 2011 WTG sales O&M services GPA Targeti
9、ng above market averageavailability of 99%10%reduction in operating costs3EFFICIENCY Launch of 4 new R&D centres(USA,India,Singapore,UK)(1)CoE reduction depending on product platform and marketPeriod highlightsNew market openings linked to CoE optimization(*)USACoE 2009 CoE 201110080/85100EuropeCoE
10、2009CoE 201185/90100ChinaCoE 2009 CoE 201183/859IndiaRamp up of G97-2MWdriver of CoE reductionBrazil2011 first year ofoperations(*)Customers CoE optimization from base 2009=100Period highlightsKey milestones BP 2011-2013:Growth1COST OF ENERGY 16%growth in WTG MWe sold23 markets and 46+clients57/43 s
11、ales ratio big utilities/spot marketOrder backlog up 13%YOY102GROWTH:+10%consolidated salesgrowth in 2011 16.300 MW under maintenance and newvalue added O&M services launchedGPA,LCR,3rd partys fleet,life extensionprogrammes3 417MW in wind farm sales agreementssignedEFFICIENCYPeriod highlightsKey mil
12、estones BP 2011-2013:Efficiency1COST OF ENERGY Adjustment of capacity to demand andlocalisation of supply chain43%reduction in blade capacity in Spainsince 2009Capacity transformed into O&M and BigComponents Repair CentersIndian market served with 65%localisedlocal(for G5x-850 KW)112GROWTH Maximisin
13、g flexibility&optimisinginvestment through Make&Buy strategySignificant advances for blades and casting Reduction of overheads3EFFICIENCY:Flat group margins YOY5%reduction in structure costs/MWe sold Reduction of construction and logistic costsOTD up to 97.6%(from 95%)Period highlightsGamesa Venture
14、 Capital:Investing in SustainableGrowthCapitalizing on ourresourcesto achieve financial and strategic returnsMarket Position&CustomersMission:Provide industrial and financial support to high growthpotential and technology intensive early stage companies worldwideMain objetives:Build and manage a pro
15、fitable portfolio of companies withsignificant synergies with Gamesa.Focus in key sectors:Solar,eMobility,marine energy,energyefficiency,small-wind and offgrid solutions12Integrated SupplyChainCurrent Portfolio:N2S:Energy Efficiency and eMobilityWorldWater:Small scale desalination and water treatmen
16、tSkyBuilt:Solar based offgrid and distributed generationNew Product DevelopmentTable of contents1.Period highlights2.January December 2011 Results and KPIs133.Outlook&Risks4.ConclusionsWind Turbine GenerationDivision142011 results and KPIsWind Turbine Generators-Financial StatementsEUR MM20102011Var
17、.11/10Q4 11Sales2,6232,875+9.6%865MWe2,4052,802+16.5%83715EBITDAEBITDA/Sales33812.9%34011.8%+0.6%-1.1p.p.10111.7%EBITEBIT/Sales1274.9%1164.0%-8.8%-0.9p.p.192.2%Net IncomeNI/Sales642.4%612.1%-4.3%-0.3p.p.60.7%NFDNFD/EBITDA-405-1.2x2730.8x+2.0 x2730.8x2011 results and KPIsWind turbine generators-Activ
18、ity15%increase in deliveries and the reduction of Ex-works highlightmanagement effectiveness during 2011Evolution of MWe sold2,8022,4051615%2,6853,092o WIP increase to accommodate sales andmanufacturing internationalization-138-1422010Var.WIP(2)Ex-works(1)497-7872011Delivered(1)Stock variation of in
19、voiced finished products available for delivery(2)Stock variation of non-invoiced finished products162011 results and KPIsWind turbine generators-ActivityIndia and Latin America key drivers of growth in 2011Geographic mix(MWe sold)28%28%Increasingly diversifiedgeographic mix Latin America and South
20、Conetreble its contribution whileIndia more than doubles it3%1%1723%19%22%15%20%14%7%8%8%5%Europe,including Spain,remainstable Low gas and PPA pricesnegatively impact US demandSpainUSAChinaIndiaLatam&SouthCone2011Rest ofEuropeRoW20102011 results and KPIsWTG-Profitable delivery in a highly competitiv
21、e marketWind turbine EBIT margin of 4.0%,within the committed guidance,in a highlycompetitive market thanks to Gamesas flexible structure and strict cost focus12.9%11.8%Gross margin negatively impacted byA highly competitive environmentPricing pressure in ChinaCompensated partially by O&Mservice mar
22、gin improvement2,4052,802184.9%4.0%2,8022,405EBITDA margin (1)20102011EBIT margin(1)MWe sold(1)Wind Turbine Division2011 results and KPIsWTG-Solid financial positionNet debt increase YOY,in line with guidance,to accommodate BP2011-13investment needs and sales and manufacturing internationalizationEU
23、R MM Strong decrease of net debt andworking capital in Q4 on the back ofsales delivery and intra-companypayments24%19 Working capital ratio of 24%due to Partial localization of new manufacturinghubs in India and Brazil Increasing sales internationalization-EUR405MMEUR273MM-1%2010Net financial debtWo
24、rking capital as%of sales2011 Grid connection delays in China Capex of EUR229MM in 2011Wind Farm Division202011 results and KPIsWind Farms-Financial StatementsIncreasing sales,with 417MW signed in 2011,show Gamesas commitment tothe wind farm business value realisation planEUR MM20102011Q4 201121Sale
25、s432534300EBITDA-13527 Strong sales activity in the yearwith 417MW in sales agreementssigned and 177MW delivered Positive EBIT impacted by therecovery in construction andsales activityEBIT02617NI-512NFD1964384382011 Results and KPIsWind Farms-Activity417 MW in sales agreements signed of which 177MW
26、already deliveredActivity progress(MW)(1)734370230166364396 The recovery of the sales activitycontinues in Q4 2011 with salesagreements signed for 131MWin Spain,France,Germany andUS.Increase of MW underconstruction,reaching 370 in Q4,in USA and Europe in line with thestrategy of value realization of
27、Gamesa Energa.22MW underconstruction20102011MW commissionedFinal stages Total MW(1)Excluding Chinese and Indian wind farms.2011 Results and KPIsWind Farms-Evolution of NFDIncreasing NFD levels to accommodate strong sales activity with deliveries in2012A 2-year cash investment cycleFY11 NFD ofEUR438
28、MM23FY10 NFD ofEUR196 MMQ1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11Consolidated Group242011 results and KPIsConsolidated group-Financial StatementsMM EURSalesWTGWind FarmsAdjustmentsEBITWTGEBIT MarginWind FarmsAdjustmentsNet IncomeNFDNFD/EBITDAWTGW
29、ind Farms20102,7642,623432(290)1191274.9%0(8)50-210-0.6x-40519620113,0332,875534(376)1311164.0%26(11)517102.0 x273438Q4 20111,018865300(147)49192.2%1713227102.0 x2734382525Table of contents1.Period highlights2.January December 2011 Results and KPIs263.Outlook&Risks4.ConclusionsOutlook and risksMarke
30、t outlookWind power competitiveness to outweigh current uncertainties in the longterm Short term demand of wind installations impacted byImpact of uncertain world economic outlook on energy demand especially in the US and EuropeEuropean and US deficits impact on renewable support programmesClients l
31、iquidity constraintsWind installations CAGR 2011-1520%17%16%10%27 Long term double-digit growthsupported by wind power increasingcompetitiveness and governmentcommitments to renewable targets:10%to20%CAGR2011-2015 depending onsourceBTMGWECMAKEIEAOutlook and risksMarket outlookNear-term growth suppor
32、ted by emerging wind markets:India,Latin Americaand Africa28Source:GWEC,Wind Market Report 2010Outlook and risksRegulatory and government support outlookRegulatory volatility negatively impacting medium term demand in maturemarkets:USA and Southern Europe,but 20/20/20 targets in placeSHORT TERM MEAS
33、URESSOUTHERN EUROPE Spain:RD1/2012:moratorium on new renewableinstallations not included in the Register of Pre-assignment.Portugal:Award of any new generation capacity forsupplying electricity(inc.renewables)suspended.Italy:Change of Green Certificates for FiT regime forwind farms built 2013 onward
34、s and for all wind farmsafter 2015.Moratorium to wind installations in someregions.AMERICA USA:Expiry of PTC/ITC(USD22/MWh)at the end of2012LONG TERM TARGETSSOUTHERN EUROPE Spain:35GW of wind in 2020 Portugal:31%renewable energyfrom total energy consumption Italy:12 GW of wind power in202029AMERICA
35、USA:State RES in place in 29states and 8 states have goalsOutlook and risksRegulatory and government support outlookBut solid commitment from emerging markets:AsiaASIA India:Shift from accelerated depreciation to GBI(INR 0.5/kWh)and REC(1.5-3.9 INR)China:2020 Target:150-200GW of wind power.4FiT cate
36、gories,ranging from 0.51RMB/KWh to0.61RMB/KWh Japan:2020 Target:10%of its energy coming from renewables.Subsidies halted and waiting forFiT to be determined.Currently,prices are based on a spot price plus a REC/MWh generated.Australia:2020 Target:20%of its energy coming from renewables.REC system(no
37、w calledLGCs).LGC price:c.42AUD/MWh with ceiling at 65AUD/MWh.Thailand:2022 Target:25%of its energy coming from renewables(800MW of wind).Supplement to normal electricity tariff with a premium granted during 10 years.2 types:4.5baht/kWh for projects below 50 MW and 3.5 baht/kWh for projects over 50
38、MW.Governmentconsidering introducing FiT.South Korea:Combines a FIT with capital and tax incentives.FIT to be replaced by a RenewablePortfolio Standard in 2012.Can host CDM projects.Plans to launch carbon-emissions tradingsystem in 2015.30Outlook and risksRegulatory and government support outlookBut
39、 solid commitment from emerging markets:Latin America and AfricaLATIN AMERICA Brazil:Tender system.Next auction:A-3 auction will be held 22nd March 2012.Mexico:Target:4.5GW of renewable energy by 2012,7GW by 2014 but no generic regulation(FiT or REC)for renewables.Chile:Target:20%of its energy comin
40、g from renewables.5%of power distributed by utilitiescomes from renewables and will increase 0.5%p.a.until reaching 10%in 2024.Peru:Renewable energy tenders every 2 years(next auction:2013).Government forecastsUSD33m investment in wind energy until 2020.31AFRICA South Africa:2030 Target:8.4GW of win
41、d power.Tender system since August 2011.634MWawarded in August auctions.Next auction:March 2012.Egypt:2020 Target:7.2GW of wind power(5GW to come from private investors).Projectstendered through competitive bids and FiT planned for 2012.Outlook and risksCoE outlookThe COE of an average onshore wind
42、farm will be fully competitivewith traditional energy sources by 2016(1)AVERAGE TURBINE HUB HEIGHT(METRES)80326040201980199020002010AVERAGE TURBINE POWER CURVE 1984-2011(%)100%75%50%25%0%20111984Source:The Economics of Wind Energy,EWEA Report 2009;Bloomberg New Energy Finance051015m/s(1)Outlook and
43、risksProgram launched to prop up the BP 2011-13:CoE and growth1COST OF ENERGY2GROWTH Focus on increasing reliability andavailability of exiting platforms,and reduce cost of materialsNew product development:G97cII-2 MW and G114-2MW Intensify commercial effortsIn new markets:South Africa,Middle East,S
44、outh East Asia/Australasia,With new utilities in Northern and CentralEurope33 Internationalisation of O&M services Value realisation of Gamesa Energia pipelineFocus on US market New O&M services(GPA)targeting99%availability in Gamesasworldwide fleet Life extension of wind turbines3EFFICIENCYOutlook
45、and risksProgram launched to prop up the BP 2011-13:efficiency to remain critical Continue capacity adjustment to demandFrom capacity reduction to capacity consolidation and product adaptation inSpainComplete localisation of supply chain in India and BrazilAdaptation of capacity to new G9X-2 MW in C
46、hina,linked to cost reductions34 Optimization of construction and logistic costsCentral logistics department to standardise processes and optimisepurchases to reduce costsReduction of construction times through WOSSReduction of storage costs(1)New procurement tools to be displayed through the organi
47、sation to simplifyhomologation process,speed procurement times and reduce procurement costs Overhead reduction target(-15%OH/MWe sold)in place3EFFICIENCY(1)Wind farm Optimized Supply SequenceOutlook and risks2012 GuidanceBringing free cash flow break even to 2012WTGManufacturingWTGMWe soldEBIT Margi
48、nWC as%of salesWindfarmDevelopment&SalesCapexWind FarmsMW delivered(3)EBIT(MMEUR)Net debt(EUR m)GroupNFD/EBITDAFCF(1)2011 guidance included wind farm delivered to Iberdrola(244MW)ahead of planned scheduled(Q1 2011)at clients request.(2)2012 is peak year of capex in BP 2011-2013(3)Excluding Chinese j
49、oint promotion agreementsGuidance 20112,800-3,1004.0%-5.0%15%-20%25020112,8024.0%24%229Guidance 20122,8003,2002.0%-4.0%20%-25%275(2)35c.400c.20c.50017726438(1)c.400c.0c.2502x2.0 x2.5xBreakevenOutlook and risksUnderstanding 2012 volume outlookGamesa to prioritise balance sheet strength and profitabil
50、ity to sales volume+13%1,414 MW1,600 MW Healthy order flow,up 13%YOY at December2011,driven by Latin America and South Cone(+514MW)and North of Africa(+201 MW)2012 sales volume impacted by Gamesaspriority for balance sheet strength andprofitability in the context of:Slow down in US demand ahead of P